Albemarle (NYSE:ALB) Given New $87.00 Price Target at KeyCorp

Albemarle (NYSE:ALB - Free Report) had its price target cut by KeyCorp from $95.00 to $87.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an overweight rating on the specialty chemicals company's stock.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company lowered their target price on shares of Albemarle from $80.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Piper Sandler set a $68.00 target price on shares of Albemarle and gave the stock an "underweight" rating in a report on Wednesday, May 14th. Wall Street Zen raised shares of Albemarle to a "sell" rating in a report on Monday, May 5th. Robert W. Baird lowered their target price on shares of Albemarle from $77.00 to $60.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, Scotiabank lowered their target price on shares of Albemarle from $75.00 to $65.00 and set a "sector perform" rating on the stock in a report on Tuesday, May 6th. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Albemarle has a consensus rating of "Hold" and a consensus price target of $91.19.

Albemarle Stock Performance

NYSE ALB traded up $0.42 during trading hours on Monday, hitting $70.44. 2,878,648 shares of the company's stock traded hands, compared to its average volume of 2,892,068. The business's fifty day moving average price is $61.71 and its two-hundred day moving average price is $70.24. The company has a current ratio of 2.11, a quick ratio of 1.26 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $8.29 billion, a P/E ratio of -6.33 and a beta of 1.63. Albemarle has a 52 week low of $49.43 and a 52 week high of $113.91.

Albemarle (NYSE:ALB - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The specialty chemicals company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.62) by $0.44. Albemarle had a negative net margin of 22.39% and a negative return on equity of 1.92%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the previous year, the firm earned $0.26 earnings per share. The company's revenue for the quarter was down 20.9% on a year-over-year basis. Equities research analysts predict that Albemarle will post -0.04 EPS for the current year.

Albemarle Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were paid a $0.405 dividend. This represents a $1.62 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend was Friday, June 13th. Albemarle's dividend payout ratio is presently -14.57%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. ST Germain D J Co. Inc. purchased a new position in Albemarle in the 2nd quarter worth about $47,000. Cox Capital Mgt LLC purchased a new position in Albemarle in the 2nd quarter worth about $490,000. CX Institutional increased its stake in Albemarle by 33.9% in the 2nd quarter. CX Institutional now owns 1,723 shares of the specialty chemicals company's stock worth $108,000 after buying an additional 436 shares during the period. American National Bank & Trust increased its stake in Albemarle by 13,266.7% in the 2nd quarter. American National Bank & Trust now owns 2,807 shares of the specialty chemicals company's stock worth $176,000 after buying an additional 2,786 shares during the period. Finally, Old North State Wealth Management LLC increased its stake in Albemarle by 17.7% in the 2nd quarter. Old North State Wealth Management LLC now owns 29,709 shares of the specialty chemicals company's stock worth $1,864,000 after buying an additional 4,464 shares during the period. Hedge funds and other institutional investors own 92.87% of the company's stock.

Albemarle Company Profile

Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. It operates through three segments: Energy Storage, Specialties and Ketjen. The Energy Storage segment offers lithium compounds, including lithium carbonate, lithium hydroxide, and lithium chloride; technical services for the handling and use of reactive lithium products; and lithium-containing by-products recycling services.